command economicsA
Command economic system is a system that's market is completely controlled by
the government and its resource are
equally distributed at the government's choosing. The government has complete
control of the five factors of production and the government equally pays
everyone. The advantage of an economic system is that the government can focus
mainly on important things why only a small amount on less important things.
The main disadvantage of the command economy is the little individuality and
the fact that a brain surgeon gets the same pay as a waiter it also defeats the
purpose of working hard since you get the same pay whether you work hard or
not. An example of this system is North Korea due to the government controlling the economic system.
|